METALS-London copper little changed, US tariff concerns persist

By Hongmei Li

SINGAPORE, June 4 (Reuters) - London copper was largely unchanged on Wednesday, with uncertainty over U.S. tariffs on the metal limiting the upside in prices.

Three-month copper on the London Metal Exchange CMCU3 fell $2.5 per metric ton to $9,631.5 by 0701 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.5% to 78,200 yuan ($10,879.85) a ton.

Starting Wednesday, the U.S. has doubled tariffs on steel and aluminium imports to 50% for all trading partners except Britain, the only country whose steel and aluminium exports will be taxed at 25% until at least July 9.

"Copper found some support amid fears that the metal may also be subject to U.S. tariffs. The Trump administration is currently reviewing the impact of U.S. copper imports on the local industry," ANZ said.

The dollar was little changed as investors looked ahead to U.S. employment data for immediate trading cues and the possible developments on the tariff negotiations.USD/

The continued outflow of copper from LME-registered warehouses led to a drop in inventory to 143,850 tons, the lowest in almost a year, following the delivery of 4,600 tons.

Among other LME metals, tin CMSN3 gained 1.1% to $31,720, aluminium CMAL3 gained 0.8% to $2,483.5 a ton, zinc CMZN3 gained 0.5% to $2,721, nickel CMNI3 up 0.5% to 15,515, and lead CMPB3 inched up 0.2% to $1,989.

SHFE tin SSNcv1 jumped 3.1% to 257,940 yuan, aluminium SAFcv1 gained 0.7% to 20,075 yuan a ton, lead SPBcv1 added 0.6% to 16,670 yuan, zinc SZNcv1 rose 0.8% to 22,420 yuan, and nickel SNIcv1 was up 0.9% to 122,590 yuan.

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